Sept. 28 (Bloomberg) -- Soho China Ltd., the largest developer in Beijing's central business district, and the company's owners are set to raise HK$12.9 billion ($1.66 billion) in an initial share sale, people with knowledge of the deal said.

Hong Kong individuals subscribed to nearly HK$220 billion worth of shares on offer during the Beijing-based company's Hong Kong initial public offering, or about 170 times the amount initially reserved for them, said the two people, who declined to be identified before an official statement next week.

International institutions placed about $100 billion of orders, the people said, citing preliminary numbers.

The demand from individuals triggered the so-called ``full claw-back,'' under which their portion of the sale will be boosted to half of the IPO shares, from 10 percent.

The company and stockholders are selling a combined 1.55 billion shares, equivalent to a 31 percent stake, at HK$6.30 to HK$8.30 each. The sale may raise more than five times the amount sought in an aborted U.S. IPO in 2003.

Goldman Sachs Group Inc., HSBC Holdings Plc. and UBS AG arranged the sale.

Zhao Wei, a Beijing-based spokesman for Soho, was not immediately reachable in his office. Spokespeople for the three arrangers declined to comment.

To contact the reporter on this story: Bei Hu in Hong Kong at bhu5@bloomberg.net.

Last Updated: September 28, 2007 01:32 EDT